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PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION * (In thousands) (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
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2019
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2019
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2018
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2019
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2018
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| Reconciliation of GAAP net income (loss) and adjusted EBITDA | ||||||||||||||||||||
| GAAP net income (loss) | $ | (2,448 | ) | $ | 133 | $ | (2,442 | ) | $ | (2,315 | ) | $ | (2,875 | ) | ||||||
| Stock-based compensation | 1,665 | 1,689 | 1,387 | 3,354 | 2,587 | |||||||||||||||
| Restructuring | 398 | — | 602 | 398 | 621 | |||||||||||||||
| Amortization of acquired intangible assets | 374 | 382 | 399 | 756 | 798 | |||||||||||||||
| Tax effect of non-GAAP adjustments | (86 | ) | 219 | (154 | ) | 133 | (55 | ) | ||||||||||||
| Gain on sale of patents | — | (3,905 | ) | — | (3,905 | ) | — | |||||||||||||
| Inventory step-up and backlog amortization | — | 12 | 239 | 12 | 361 | |||||||||||||||
| Gain on debt extinguishment | — | — | — | — | (1,272 | ) | ||||||||||||||
| Discount accretion on convertible debt fair value | — | — | — | — | 69 | |||||||||||||||
| Non-GAAP net income (loss) | $ | (97 | ) | $ | (1,470 | ) | $ | 31 | $ | (1,567 | ) | $ | 234 | |||||||
| EBITDA adjustments: | ||||||||||||||||||||
| Depreciation and amortization | $ | 887 | $ | 913 | $ | 923 | $ | 1,800 | $ | 1,749 | ||||||||||
| Non-GAAP interest expense (income) and other, net | (104 | ) | (96 | ) | (40 | ) | (200 | ) | 26 | |||||||||||
| Non-GAAP provision for income taxes | 317 | 189 | 186 | 506 | 363 | |||||||||||||||
| Adjusted EBITDA | $ | 1,003 | $ | (464 | ) | $ | 1,100 | $ | 539 | $ | 2,372 | |||||||||
| *Set forth above are reconciliations of the non-GAAP financial measure to the most directly comparable GAAP financial measure. The non-GAAP financial measure disclosed by the company has limitations and should not be considered a substitute for, or superior to, the financial measure prepared in accordance with GAAP, and the reconciliations from GAAP to Non-GAAP actuals should be carefully evaluated. Please refer to "Non-GAAP Financial Measures” in this document for an explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors.
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Pixelworks Reports Second Quarter 2019 Financial Results
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